Buy HDFC Bank; target of Rs 1850: Emkay Global Financial

An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.

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26 Aug, 2025 12:21

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Emkay Global Financial's report on HDFC Bank

HDFCB reported a miss on PAT at Rs77bn (up 16% yoy) vs. est. of Rs80bn, as higher NPA formation (GNPA up 15bps qoq to 1.5%) weighed on margins/provisions, partly offset by higher forex income. Among the subsidiaries, HDFC Securities reported strong profitability, reflecting the buoyancy in the market, while HDB Financial Services saw asset-quality pressure.

Outlook

We retain Buy with a TP of Rs1,850 (valuing core bank at 3.5x Jun'23E ABV and subs at Rs65/share) given its proven track record in managing asset quality across cycles and delivering superior return ratios.

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